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BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding

Inc42Inc42 · 1y ago
BharatPe Vs Ashneer Grover: Ex-MD Seeks RBI Probe Into The Fintech Unicorn’s Shareholding
Medial

Former BharatPe MD and co-founder, Ashneer Grover, has written a letter to the Reserve Bank of India (RBI) requesting an investigation into the shareholding of the fintech unicorn. Grover has accused BharatPe of deliberately "defrauding" the RBI by bringing back Bhavik Koladiya to the company's cap table after securing licences. Grover has demanded that all of BharatPe's licenses be revoked if the company is found guilty, and he also calls for penalties and blacklisting of the venture firms associated with the startup. Additionally, Grover alleges that BharatPe co-founder Shashvat Nakrani transferred shares to Koladiya for free. BharatPe has raised over $650 million in funding from investors such as Peak XV Partners, Ribbit Capital, and Steadview Capital.

Bhavik Koladiya-led OTPless raises $3.5 Mn led by SIDBI

EntrackrEntrackr · 1y ago
Bhavik Koladiya-led OTPless raises $3.5 Mn led by SIDBI
Medial

Authentication and access management platform OTPless has raised $3.5 million in its pre-Series A funding round led by SIDBI, said its co-founder and chief executive officer Bhavik Koladiya. Venture Highway, FJ Labs, and Piper Serica also joined the firm’s maiden institutional round. With this, OTPless raised $6.5 million to date. The Surat-based startup raised $2.7 million in seed round in February last year from Neeraj Arora, Kunal Shah, Amrish Rau, Jitendra Gupta, Utsav Somani, Amit Jain, Fabrice Grinda, and Luke Skertich. With a team of 50 members, OTPless plans to use the new funds to expand its global presence and service beyond authentication and into authorization, said Kodaliya. Its global peers include Auth0, Clerk, Stytch, Descope and Transmit Security and a few others. Founded by Koladiya, Satyam Nathani and Tanmay Sagar, former executives of fintech unicorn BharatPe, OTPless enables users to sign up and sign in on websites and apps via WhatsApp and other methods. This approach simplifies the process for users and weeds out the need for OTPs. The startup supports various social sign-in methods, including Google, iMessage, Microsoft, Github, Slack, UPI and modern protocols like Passkeys, Network Auth, Protected SMS and Device fingerprinting. As per the company, developers can easily integrate OTPless’s SDKs and APIs, going live within minutes using pre-built UIs. OTPless claims that more than 5,000 companies and 20,000 developers worldwide use the platform to authenticate over 30 million users. OTPless is a recent startup from BharatPe’s group which managed to raise significant funding. For record, CrickPe, led by Ashneer Grover, raised seed money led by ZNL Growth Fund. Last year, Genwise and Vegapay also announced their maiden fundraise after launch. The list of startups and venture funds launched by former BharatPe executives includes Jivi.ai, CubeAPM, GrowthCap Venture, Eternal Capital and OTP Ventures. While Growth Cap Venture and Eternal Capital already announced their maiden fund, Suhail Sameer-led OTP Venture is aiming to secure Rs 400 crore for its debut fund.

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Economic TimesEconomic Times · 1y ago
Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications
Medial

Ashneer Grover, former MD of BharatPe, has written to the Reserve Bank of India (RBI), requesting an investigation into the shareholding of the Peak XV-backed company. Grover alleges that BharatPe knowingly "defrauded" the RBI by bringing back Bhavik Koladiya, previously convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions if Koladiya's presence during the license application would have affected BharatPe's eligibility for a stake in Unity Small Finance Bank or acquiring Liquiloans. He demands revocation of licenses, banning of directors, blacklisting of associated venture firms, and monetary penalties if found guilty.

Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation

EntrackrEntrackr · 1m ago
Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation
Medial

Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation Now led by CEO Nalin Negi, Delhi-based fintech unicorn BharatPe is focusing on strengthening governance and preparing for an IPO. Tiger Global-backed fintech unicorn BharatPe carried out its first secondary transaction since 2021 through wealthtech platform Wylth, according to two sources aware of the details. “As part of the deal, Gujarat-based family offices acquired 2.6% from the 27% common equity pool at the last private valuation,” said one of the sources, requesting anonymity as the details are private. According to the startup data intelligence platform TheKredible, BharatPe was valued at $2.85 billion when it raised a $370 million Series E round. The size of the secondary transaction couldn’t be ascertained. Entrackr has reached out to BharatPe and Wylth for comments. This marks BharatPe’s first liquidity event following its prolonged governance turmoil which involved Ashneer Grover, Bhavik Koladiya, Sarswat Nakrani, and Madhuri Jain Grover. Now led by CEO Nalin Negi, BharatPe is focusing on strengthening governance and preparing for an IPO. The firm recently expanded its leadership team with the appointment of Rajesh C as Head of Finance and Himanshu Nazkani as Head of Investments. Meanwhile, BharatPe is also in talks to raise a pre-IPO round to the tune of $80-100 million. To date, it has raised over $650 million in equity and debt from investors including Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, and others. As per media reports, BharatPe’s revenue jumped from Rs 180 crore in FY21 to Rs 1,734 crore in FY25. The company turned profitable after recording annual losses of more than Rs 1,800 crore four years ago.

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